Rupee seems start Thursday session with weaker note against greenback as volatility mounting all over the segment ( Equity , Forex , Oil , Metal , Agriculture Commodity ) ahead of USA precedential Election 2020 outcomes as well as European major countries planning to lockdown as COVID19 second wave mounting.
At the interbank forex market, USDINR opened on a positive note at 73.70/71, after equity market unrest pair hit intraday highs at 73.9475/9575. The rupee depreciated by 15 pips to settle at more than one-month low of 73.86/87 against the greenback on Wednesday . Losses in domestic stock markets and uncertainty ahead of expected fresh stimulus measures also weighed on the investor sentiment.
Fast but less accurate "rapid antigen tests" now account for 60% of all coronavirus tests in India, the head of a top diagnostic firm estimated on Wednesday, warning that such a high use could misrepresent the actual spread of the infection.
India has amended a law in Jammu and Kashmir allowing Indian citizens to buy land in the disputed territory, said officials, sparking opposition criticism about a steady erosion of the rights of Kashmiri people..
INTRADAY RANGE - 73.51 ( 73.82 - 74.12 ) 74.43
GLOBAL OUTLOOKS
Dollar was down early morning in Asia, with fears over fresh lockdowns implemented in Europe to curb the incessantly rising number of COVID-19 cases and the prospects for the region’s further economic recovery.
Democrat candidate Joe Biden is comfortably ahead of incumbent president Donald Trump in the polls, with investors cautiously betting on a Democrat victory in both the White House and both chambers of Congress.
The dollar dropped to its lowest level in more than a month against the safe-haven yen on Wednesday. The Bank of Japan will announce its monetary policy decision later in the day and is widely expected to avoid changes to the current monetary settings.
China is due to release details of its economic plans for the next five years later in the day. The Chinese Communist Party will also release a 15-year plan as it concludes four days of closed-door negotiations later in the day.
There is a high risk the resurgence in coronavirus cases halts the global economic recovery by year-end, according to Reuters polls of around 500 economists, a majority of whom expected the rebound next year to be weaker than previously thought.
French President Emmanuel Macron and German Chancellor Angela Merkel ordered fresh lockdowns in their respective countries on Wednesday to curb the second wave of COVID-19 cases hitting the region. However, worries grew about the measures’ impact on an already fragile economic recovery.
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